Online betting site, Sportingbet has just confirmed that it is indeed in "advanced discussions" to become the new owners of the Aussie based online bookmaker, Centrebet. The company has offered a cash deal valued at $175 million.

Sportingbet shared that the acquisition of the company would speed up its "strategy of increasing its exposure to regulated markets and of geographic diversification." The agreement would allow the company to enhance earnings in the first year after the acquisition according to Sportingbet.

The online sports betting market in Australia has grown into a significantly when it comes to annual revenue growth since the interstate restrictions for advertising were lifted back in 2008. Last year Centrebet released a warning to investors that 2010 profits would take dip due to a massive investment in "Project Rocket." The project was launched with intentions of increasing the Aussie bookmaking market 20% by 2015. Later they reported a decline in first half net profit by a whopping 71%. Although this may seem a bit intimidating, their investment in project rocket should be an overall boost for their revenues in the future.

Sportingbet will face many challenges in order to make the deal happen due to a skittish market and the fact that they would have to raise £120 million in equity to have enough since they list their current net cash at about £25 million.

Casinofan will provide more news on the talks between Sportingbet and Centrebet as it becomes available.

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